Illinois Compiled Statutes 40 ILCS 5/6-124.1 – Withdrawal from service; amount of annuity
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(a) In lieu of any annuity provided in the other provisions of this Article, a fireman who (1) is required to withdraw from service due to attainment of compulsory retirement age, or is not subject to compulsory retirement age, withdraws from service, and is at least age 63, and (2) has at least 10 but less than 20 years of service credit may elect to receive an annuity equal to 30% of average salary for the first 10 years of service plus 2% of average salary for each completed year of service or remaining fraction thereof in excess of 10, but not to exceed a maximum of 50% of average salary.
(b) For the purpose of this Section, “average salary” means the average of the fireman’s highest 4 consecutive years of salary within the last 10 years of service.
(c) For the purpose of qualifying for the annual increases provided in Section 6-164, a fireman whose retirement annuity is calculated under this Section shall be deemed to qualify for a minimum annuity.
(b) For the purpose of this Section, “average salary” means the average of the fireman’s highest 4 consecutive years of salary within the last 10 years of service.
Terms Used In Illinois Compiled Statutes 40 ILCS 5/6-124.1
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
(c) For the purpose of qualifying for the annual increases provided in Section 6-164, a fireman whose retirement annuity is calculated under this Section shall be deemed to qualify for a minimum annuity.